Dollar index DXY - Prepare for a downtrend! + Full Elliott Wave

Jul 31, 2022

• On the daily chart we have 2 parallel channels that indicate 2 impulse Elliott Waves.
  
• As per my Elliott Wave analysis, this huge impulse wave has been completed and now we should go sideways or down!
  
• The first trendline is breaking out, and usually that means that other trendlines will break too.
  
• The first target is at wave 4 + 0.382 FIB + parallel channel retest.
  
• In my opinion, DXY has completed a significant uptrend and is now poised for consolidation (range).
  
• Look at my ideas about GOLD, EURUSD and Bitcoin in the related section down below.
  
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Jul 31, 2022

Note

On the monthly chart, we have a shooting star candle! This indicates that this trend could be over.